Unipetrol CEO P. Svarc said yesterday that Unipetrol is not considering closing its beleaguered Spolana subsidiary (Spolana, a chemical works 82% owned by Unipetrol, is burdened by ecological liabilities on account of recent chemical spill sat the plant and was damaged by the recent flooding, which has contributed to its poor financial health). Spolana is a principal customer of Chemopetrol (100% owned by Unipetrol), and its closure would therefore have a negative impact on the rest of the Unipetrol holding. Mr. Svarc also said that Unipetrol will need CZK 0.3 bil.-0.5 bil. to overcome a liquidity shortage, and CZK 0.5 bil. to update Spolana’s safety.
This will add to the flood-related negative sentiment surrounding the stock.
(Jiri Soustruznik)